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Character Assassination: Akpabio Risks N25bn Lawsuit From Emefiele

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Emefiele Proffers Solutions to FX challenges

The embattled former Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, is on the verge of suing the Senate President, Godswill Akpabio, for alleged character assassination.

Biztellers reports that Sen Akpabio on February 18, alleged that the President Bola Ahmed Tinubu’s administration was at sea on the charges to press against Emefiele.

He opined that the ruling All Progressives Congress (APC) was confounded with the level of economic mess it inherited, which is traceable to Emefiele.

Sen Akpabio spoke at at Sen Barinada Mpigi’s thanksgiving service in Koroma, Tai Local Government Area, Rivers State.

The camp of the deposed CBN governor is irked by the Senate President’s utterances and have given him the options of formally tendering an apology or facing legal action for defamation of character.

Emefiele made his position known in a letter through his lawyer, Mathew Burkaa (SAN).

The letter was dated February 19, 2024.

According to Emefiele, the legal meaning of Sen Akpabio’s view is that the former CBN governor was a serial offender whose action had given rise to the untold hardship visiting Nigerians.

The letter partly read, “We are solicitors to Dr. Godwin Ifeanyi Emefiele, the former Governor of the Central Bank of Nigeria (hereinafter referred to as “Our Client”), on whose brief and instruction, we write this letter.

“The above statement, whether taken in their ordinary, figurative, or literal meaning portrayed our Client as:

“The cause of the entire hardship in Nigeria today is as a result of the policies of the previous administration.

“A serial offender whose action is responsible for all the hardship experienced by Nigerians today.

“A person who has committed offences that are so numerous that the government is confused as to which of the offences to prefer a charge against him.”

According to Emefiele, the thoughts expressed by Sen Akpabio undermined the integrity of the court and its independence, which made it detrimental to his ongoing trial.

“As the President of the Senate of the Federal Republic of Nigeria, you certainly know, or have reasons to know that the Federal Government of Nigeria had since August 14, 2023, preferred charges against our client to which he had long pleaded not guilty and is presently defending same to exonerate himself and show that he is not guilty of the said allegations.

“It is therefore disturbing, that such a statement would be made by the Head of the Legislature of the Federal Republic of Nigeria on a matter that is clearly subjudice.

“Your statement, with the greatest respect, clearly undermines the honour and integrity of the Court and its independence and indeed has the propensity of prejudicing the case against our Client.

“Having submitted to the jurisdiction of the Court, it is only fair and proper that the Court should be allowed to determine the issues submitted to it without unnecessary pressure from any other arm of Government,” he stated.

Emefiele also averred that since Sen Akpabio served as a Minister under the President Mohammadu Buhari administration, holding him solely responsible for hardship ravaging Nigeria was atrocious.

He added that without the approval of the President and/or the Federal Executive Council (FEC) of which Sen Akpabio was an influential member, he could not have done the things, the Senate President now accuse him of.

Emefiele said, “Secondly Sir, as a Senior member of the Bar, a former Governor of a State, A Senator of the Federal Republic of Nigeria, and a former Minister under the immediate past Administration, Your statement attributing the present economic woes of the country solely on our Client is most appalling and exposes the inaccuracies in your assertions, especially, as you were a major player in the immediate past administration and worked closely with our Client and indeed witnessed the innovations he introduced in the banking sector and its impact on the economy whilst in office, as well as the role he played despite all odds in salvaging Nigeria in the P & ID Saga and the positive result it brought for Nigeria.

“You are also aware that no single policy was carried out by our Client without the approval, directive, or authorization of the President and/or the Federal Executive Council of which you were a key and powerful member.”

Consequently, he demanded that Sen Akpabio should immediately retract his statement or be ready to meet him in court.

“It is pursuant to the above and without delving into the matter presently pending in Court that our Client has instructed that we write to your good offices and demand the immediate retraction of your statement which has gone viral and is considered defamatory of our Client;

“These baseless and false allegations defame the character of our Client and have also caused him great pains and embarrassment as it has lowered his esteem before the right-thinking members of the society in addition to the obvious odium and opprobrium from the unsuspecting members of the society as a result of the falsity contained in that statement.

“We, therefore have our Client’s further instruction to demand from you an unreserved apology in writing, published and circulated by the same medium with which you have defamed his character, and the sum of N25,000,000,000 as reasonable compensation for the willful and unjustifiable denigration of his hard-earned reputation.

“If you fail, refuse, or neglect to comply with this legitimate demand, our Client will be at liberty to seek the appropriate redress available to him under the laws of the Federal Republic of Nigeria,” it added.

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    February 22, 2024 at 11:46 pm

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CSR: Dangote Cement Fuels Education With Support Projects At Lagos Schools

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Dangote Cement Plc, a leading cement manufacturer, has donated multi-million Naira educational support projects to secondary schools in Lagos as part of its social investment initiatives.

The company in a statement explained that the move is aimed at complementing the government’s efforts in providing quality and sustainable education in the state.

It was gathered that the projects were commissioned and handed over to various schools in the Ikoyi-Obalende Local Council Development Area, align with the Sustainable Development Goals (SDGs) on education. These goals focus on ensuring inclusive, equitable, and quality education, as well as promoting lifelong learning opportunities for all.

The projects, warmly received by both teachers and students, include 100 dual school desks for Ilado Community Junior High School and Wahab Folawiyo Senior High School, alongside a refurbished and fully equipped Chemistry Laboratory at the Government Senior Secondary School, Ikoyi.

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Also donated were reading tables, chairs, and bookshelves for the library at Government Junior Secondary School, Ikoyi.

A celebration also took place at Falomo Junior High School and Ireti Senior Grammar School, both in Ikoyi, where the company donated 20 brand-new desktop computers to the ICT departments of the schools.

At the event at Government Junior College, Ikoyi, the Group Managing Director of Dangote Cement Plc, Arvind Pathak, explained that social investment is a key part of Dangote Cement’s operations.

He said the company is dedicated to giving back to society and supporting the sustainable development of local communities, especially in areas where it operates.

Pathak’s address was delivered by Wakeel Olayiwola, the Head of Social Performance at Dangote Cement Plc.

He said, “education holds a pivotal role in the development and empowerment of the youths in the country. As a cornerstone for societal advancement, it serves as a critical tool for personal growth, economic development, and national progress. An educated youth population not only fosters individual success but also contributes significantly to the nation’s overall wellbeing.

“At Dangote Cement, we believe that providing quality education to our youth is vital and should not be left solely as the government’s responsibility. Thus, we aim to partner with the government to enhance educational development in this regard.

“The projects we are handing over today are part of our 2024 Corporate Social Responsibility (CSR) programme for selected schools within the neighbourhood of Dangote Cement Plc’s Head Office in Ikoyi, Lagos. These projects were selected based on need assessments in collaboration with the schools.”

As a responsible corporate entity, Pathak noted that Dangote Cement’s commitment to societal wellbeing, with investments in four key areas: Education, Healthcare, Infrastructure, and Economic Empowerment programmes.

“This year, our plants in Ibese, Ogun State; Obajana, Kogi State; Gboko, Benue State; Okpella, Edo State; and our Pan-African operations have launched several social investment projects. These efforts contribute to the quality of life in our host communities and support sustainable national development,” he added.

Pathak thanked the Lagos State Government, the Tutor General/Permanent Secretary, and the school management teams for their collaboration in identifying the schools’ needs and ensuring the timely completion of the projects.

Dr. Idowu Olufunke Oyetola, Tutor General and Permanent Secretary of Education District 3, Lagos State Ministry of Education, who was represented by Bolaji Rotimi Ajayi, Director of School Administration, praised the long-standing partnership with Dangote Cement, noting that the schools selected for the donations were fortunate beneficiaries. “We hope for more collaborations that will positively impact education,” she added.

The principals of the recipient schools expressed their gratitude after the formal handover of the projects.

Odunlami Olubunmi, Principal of Ilado Community Junior High School, Ikoyi, thanked Dangote Cement for the new desks, stating that the donation would significantly improve the learning environment for the students, helping to prepare them for a brighter future.

Bamidele Ayotunde, Principal of the school with the refurbished laboratory, urged other businesses to follow Dangote Cement’s example in supporting local schools, pointing out the positive impact of the laboratory’s renovation on the school’s learning environment.

The Principal of Ireti Senior Grammar School, Ikoyi, whose school received the new desktop computers, described the donation as a positive development and expressed hope for more support in the future.

Pupils also shared their appreciation for the contributions. Abiola Jamaudeen, a lab prefect at Government Senior College, Ikoyi, promised that the laboratory would be used to its fullest potential and well-maintained.

Lawal Rumayzo Abdulsalam, a student at the school, said the new library equipment would foster better reading habits and create a more conducive environment for learning, ultimately preparing them for success. Some students even performed special songs to welcome the Dangote team to their schools.

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Adeleke Flaunts Local Content Records, Industrialisation Progress

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Osun State Governor, Senator Ademola Adeleke has celebrated the local content achievements of his administration, claiming it has transformed the state’s economy and strengthened local businesses.

The Governor, represented by his Deputy, Prince Kola Adewusi, made this declaration at the 2024 Trade Fair of the Osun State Chamber of Commerce and Industry held at the Trade Fair Complex, Osogbo.

This year’s fair is themed “Developing Osun Local Content Value Chain for Shared Prosperity”.

Gov Adeleke, reviewing his records on local content in the last two years, expressed pride to announce that his administration had set an unrivaled record in the promotion and commitment to local content development.

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According to Gov Adeleke, “our major infrastructural projects are being handled by local contractors. We are building up our indigenous companies to handle major jobs outside the state. Our local engineers are fully engaged in all facets of the construction processes. Our supply chain feeding the construction processes is also locally focussed and sourced.

“As local content is a tool for economic development, our multi billion naira infra plan has a focus beyond Osun money revolving within the Osun economy. We seek to stop capital flights, thereby ensuring a financially vibrant local economy that contributes to the fight against poverty and underdevelopment.

“Beyond a solvent grassroots economy, our policy ensures skill transfer. Local workers are empowered with requisite skills which they subsequently deploy as skilled service providers. We are building a pool of skilled citizens across all sectors.

“Additionally, our local content agenda is a strategy for employment creation. By adopting direct labour in many project executions, we provide jobs for the artisans and the unemployed. Osun is indeed a huge construction site with increasing job opportunities for the unemployed.

“Local content as a state strategy also drives our focus on infra growth and development. We are eager to bridge the infrastructure deficit to enhance trade and investment. We have recorded huge progress in that respect.

“Our administration is also removing possible bottlenecks in business operations in Osun state. The processing of Certificates of Occupancy is now within a 45-day window. This is billed to enhance business capacity to attract financial transactions and support within the business ecosystem.

“The era of multiple taxation is coming to an end as Osun state has now introduced a harmonized tax system. Our tax agency has become truly business friendly.

“To facilitate investment, we revive and strengthen the Osun State Investment Promotion Agency (OSIPA). The agency puts under one roof all regulatory and certification agencies of the Government.

“To accelerate the pace of industrialization, we revive the Free Trade Zone to provide over one million direct and indirect jobs for the people. We establish Markets with modern facilities, set up farm produce aggregation centres, and put life into moribund industries among others.

“The State Government recently hosted an Industrial Investment Summit. The event attracted local and international investors. While the current industrial policy is being vigorously implemented, we plan to review the policy to accommodate new realities occasioned by modern innovations and Artificial Intelligence.”

While restating his administration’s readiness to partner with the organized private sector, Gov Adeleke urged the business chamber to expand its scope, calling on the business leaders to reach out within and outside Nigeria for the development of businesses in Osun state.

“As the voice of Osun business, you are not a government agency. You represent the private sector. Your task is to expand your scope and mobilize businesses to grow as an umbrella body. I task you to interact with all sectors of the state economy. You have a duty to shake off bureaucratic burden and truly act like a private sector body”, the Governor charged the chamber.

The Commissioner for Commerce and Industry, Rev Bunmi Jenyo listed out several programmes and policies of the state government designed to support growth and development of businesses in Osun state, declaring that Osun is open for business.

According to the Commissioner, the recent industrial investment summit showcased the huge potentials of the state and expressed delight at the huge number of investors who showed up and expressed interest to tap into the investment potentials of Osun State.

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Tinubu Seeks ₦1.767tn Loan to Tackle 2024 Budget Deficit

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President Bola Ahmed Tinubu has approached the National Assembly for approval of a fresh external borrowing plan totaling ₦1.767 trillion.

The loan, if approved, will help finance the ₦9.7 trillion deficit in the 2024 budget.

The request was presented during Tuesday’s plenary by the Speaker of the House of Representatives.

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Alongside the loan request, the president also submitted the Medium-Term Expenditure Framework and Fiscal Strategy Paper (MTEF/FSP) for 2025–2027.

Additionally, Tinubu proposed amendments to the National Social Investment Programme (NSIP) establishment bill, aiming to make the national social register the central tool for delivering federal welfare programs.

Debt Servicing Costs Skyrocket in 2024

Nigeria’s rising debt obligations have been brought into sharp focus with new data from the Central Bank of Nigeria (CBN).

The country spent $3.58 billion servicing foreign debt in the first nine months of 2024, marking a 39.77% increase from the $2.56 billion recorded during the same period in 2023.

May 2024 saw the highest monthly debt servicing payment at $854.37 million, a staggering 286.52% increase compared to May 2023.

The surge in debt servicing costs reflects a sharp depreciation of the naira, which weakened from ₦899.39/$1 in December 2023 to ₦1,470.19/$1 by June 2024.

Experts warn that the rising exchange rate and escalating international debt obligations place significant pressure on Nigeria’s fiscal sustainability.

State Debts Climb to ₦11.47tn by Mid-2024

The debt profiles of Nigeria’s 36 states and the Federal Capital Territory (FCT) have continued to rise, reaching ₦11.47 trillion as of June 30, 2024.

This marks a 14.57% increase from ₦10.01 trillion in December 2023, according to data from the Debt Management Office (DMO).

External debt for states and the FCT climbed from $4.61 billion to $4.89 billion during this period.

READ MORE: Osun 2026: Adeleke’s Camp Fires Back At Ganduje

However, domestic debt decreased from ₦5.86 trillion to ₦4.27 trillion. Lagos State remained the most indebted in foreign currency terms, holding 26.9% of the total external debt, valued at $1.24 billion.

In naira terms, state debts rose by 73.46%, reflecting the impact of the naira’s devaluation on repayment obligations.

States Overly Dependent on Federal Allocations

A BudgIT report on fiscal sustainability has revealed that 32 out of 36 states relied on Federation Account Allocation Committee (FAAC) transfers for at least 55% of their revenue in 2023.

Fourteen states were even more dependent, deriving over 70% of their revenue from FAAC allocations.

FAAC disbursements increased by 33.19% in 2023, reaching ₦5.4 trillion, contributing significantly to the total combined state revenue of ₦8.66 trillion for the year.

However, analysts have raised concerns over this heavy dependence on oil-driven federal allocations, warning of the financial risks posed by crude oil price shocks.

Lagos and Ogun States were exceptions, generating significant revenue internally and relying less on federal transfers.

Economic Implications

The federal and state governments’ growing reliance on borrowing and federal allocations signals deep fiscal challenges.

Analysts caution that President Tinubu’s proposed borrowing plan, combined with rising debt servicing costs and exchange rate pressures, may exacerbate Nigeria’s economic vulnerability.

 

 

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